Technical analysis on USDCHF- Strong Descending Channel
The daily chart shows price in a descending channel with Ichimoku showing bearish signals as the future cloud is a bearish cloud and price is below the cloud which indicates a strong bearish trend in price.
Chikou Span is also below price which gives us a confirmation that the we should be sell USDCHF.
The 200EMA is above price which is another indication that this pair is in a strong downtrend.
There could be a possible breakout at the support line of the descending channel or price could go up and do a reversal on the resistance line which can be a good opportunity to place sell at the reversal.
Lets see what happens during the week!
Chikou Span is also below price which gives us a confirmation that the we should be sell USDCHF.
The 200EMA is above price which is another indication that this pair is in a strong downtrend.
There could be a possible breakout at the support line of the descending channel or price could go up and do a reversal on the resistance line which can be a good opportunity to place sell at the reversal.
Lets see what happens during the week!